A regular share ( savings account) must maintain a minimum balance of $25.00. Deposits to this account may be made in person, by mail, by payroll deduction, or by direct deposit. Withdrawals may be made at any time in person, by mail, or by telephone -- either by talking to us or by using our 24 Hour Touch Tone Service -- for your convenience. Under various circumstances, fees may apply.
Dividends are calculated on a semi-annual basis. June 30 and December 31.
The dividend paid may vary from period to period depending on the Credit Union's earnings. The Credit Union has consistently paid a higher rate of (dividend) interest than competitive organizations. Dividends are paid on all accounts that maintain an average balance of at least $50.00.
Special Share Accounts, Christmas Club Share Accounts and Vacation Accounts help you set aside funds for special reasons. These accounts earn the same dividends as Regular Share Accounts but the minimum balance to maintain these accounts is only $5.00. Christmas Club Accounts can be opened any time and are paid out during the first week of November -- either with a check or transferring the funds into your Regular Share or Credit Union Share Draft Account.
MARKET SHARE ACCOUNTS
Money Market Share Accounts work much in the same way as Special Share Accounts, with a couple exceptions. The minimum balance to maintain the account and earn dividends is $2,000.00 and, under various circumstances, fees may apply. Money Market Share Accounts pay a higher rate of (dividend) interest than Regular Share Accounts and Share Draft/Checking Accounts, but lower than Share Certificates.
Our basic objective is to teach and encourage thrift among our members -- especially children. That's why we have Minor Accounts. These accounts earn the same dividends as Regular Share Accounts but the minimum balance to maintain these accounts is only $5.00. Custodial Accounts work the same as Minor Account, but the child cannot withdraw funds from a Custodial Account without the expressed written permission of the parent or guardian who is set up as the custodian of the account.
DRAFT (CHECKING) ACCOUNTS
A share draft account is the most unique account of its kind. Available as another free service that we offer, it pays you instead of you paying for it. Share drafts are used just like ordinary checks and are accepted widely throughout the country. Your share draft account is better than a checking account because:
1) No monthly service charge or minimum
2) Over-draft protection through demand deposit loans for qualifying members.
3) Easy account reconciliation of your monthly statement.
4) Carbonless copies of each draft written remain in your draft book.
5) Dividends (interest) earned if the average daily balance for the month is $2,000.00 or more.
6) ATM cards are available
Under various circumstances, fees may apply.
We offer a variety of certificate accounts with dividends based on the term of deposit. Jumbo Certificates with a balance of $25,000.00 (Twenty-five Thousand Dollars) or more earn an extra 0.1%
INDIVIDUAL RETIREMENT ACCOUNTS --
A Traditional I.R.A. is a long term savings plan that enables you to build a retirement fund on which you pay no federal income taxes on the earnings until you start to make withdrawals. Every I.R.A. contributor receives this benefit.
In addition, many wage-earners are eligible for a full federal tax deduction. Some wage-earners are eligible for a partial deduction; others, no deduction. Your accountant or tax advisor can tell you whether or not you qualify for the tax deduction.
Traditional I.R.A.'s earn the same dividends as 12- and 24 Month Share Certificates.
The Roth I.R.A. offers unique and exciting savings opportunities. Not only can it help with retirement needs, but also a first time home purchase or other financial goals. This flexibility makes the Roth I.R.A. appealing to many different age and income groups. Although it's not a one-size-fits-all solution, the Roth I.R.A. will give many members an easy and safe way to plan for the future.
Roth I.R.A.'s earn the same dividends as 12- and 24 Month Share Certificates.
If you're wondering how you'll pay for your child's education, an Coverdel ESA can be a smart way to save. If eligible, you can contribute $500 annually for each of your children until they turn 18. Although contributions to an Coverdel ESA are not tax-deductible, your withdrawals (including earnings) are tax-free if used for tuition, books and other qualified higher education expenses.
Coverdel ESA's earn the same dividends as 12- and 24 Month Share Certificates.
Back to Falls Catholic Credit Union Home Page